The Dragon s changing appetite. China s changing net trade position in seafood and implications
|
|
- Vivian Fowler
- 6 years ago
- Views:
Transcription
1 The Dragon s changing appetite China s changing net trade position in seafood and implications Dr. Beyhan de Jong Reykjavik, November 2017
2 Rabobank: Globally leading food and agribusiness lender and financial services provider 46 Countries Over 600 Offices Over 55,000 Employees Amsterdam Dublin Utrecht Moscow Calgary St Louis Chicago Toronto Cedar Falls San Francisco New York Washington DC El Centro Atlanta Dallas Mexico City Willemstad London Antwerp Paris Madrid Milan Warsaw Frankfurt Istanbul Delhi Mumbai Kolkata Bangalore Shanghai Beijing Hong Kong Tokyo Kigali Malema Kuala Lumpur Singapore Lubuan Asuncion Sao Paulo Ulónguè Tete Chimoio Nampula Beira Maxixe Maputo Jakarta Santiago de Chile Buenos Aires Melbourne Sydney Tasmania Wellington
3 In volume terms China s seafood consumption dwarfs that of the western countries China has a high seafood consumption, estimated at 44 kg per person, which is forecasted to reach 50 kg in 2026 Million tonnes % of global consumption North America Europe Africa Latin America & Caribbean China Asia excl. China Source: OECD-FAO, Rabobank
4 But despite the large consumption, China is not the largest importer of seafood while paradoxically marine resource rich countries are the biggest seafood importers EU-28 USA Japan China South Korea Canada USD 8,5 BLN Thailand Russia Australia Brazil USD Billion Source: UN Comtrade, Rabobank
5 In fact, China is the leading seafood exporter globally Relatively resource poor (marine EEZ and grains per capita) China is the world s leading seafood exporter China Norway EU-28 USA Thailand India Chile Indonesia Almost USD 20 BLN Positive net trade position by more than USD 10 BLN Seafood is the only protein that China has trade surplus Ecuador Russia USD Billion Source: UN Comtrade, Rabobank
6 There are increasing constraints on the supply side in China Domestic supply dynamics Production cost drivers 1. Higher cost of labour / lower labour availability 2. Disease / pollution pressure in aquaculture Environmental regulations 1. Decommissioning of inland and coastal fleets 2. Limiting aquaculture close to urban areas Source: Rabobank
7 while the drivers on the demand side accelerate import demand Import demand dynamics Import demand drivers 1. Income growth and strong currency 2. Distrust of locally produced seafood (due to pollution and scandals) Import enablers 1. On-line seafood trade 2. Improving logistical infrastructure / urbanisation Source: Rabobank
8 Domestic seafood supply to stagnate or contract
9 Labor availability and labor cost especially in rural areas is eroding competitiveness of the seafood industry in China Total labor force in China changes per 5 year intervals, declining in 2015 Thousands age group Source: China National Bureau of Statistics, Rabobank
10 Gov. policy on fisheries: Prioritize environment, fleet and local fishing to shrink 13 th National Five-year plan of China ( ) emphasizes sustainable practices It has become increasingly difficult to develop fishery industry in an environmental-friendly and sustainable way. The quality of aquatic products are questionable due to intensified water contamination and illegal drugs. We prioritize environment and promote green development. We will focus on higher quality and efficiency instead of larger quantity Domestic fishing goes through negative growth. national marine fishing fleet is reduced Source: Ministry of Agriculture of the People s Republic of China, Seafood India media
11 Overall we expect Chinese seafood production to experience a gradual decline, after years of growth China s wild catch production is expected to decline as targeted in the latest fisheries policy Million tonnes Next five year plan targets a decrease in total seafood production from 67 million tonnes to 66 million. Domestic wild catch (inland and near coastal areas) to be decreased and aquaculture to be increased. By using modern technologies and intensive farming, aquaculture is targeted to be increased. Wild catch Marine Farmed Freshwater Farmed Source: China National Bureau of Statistics, OECD-FAO, Rabobank
12 Import demand to grow faster than ever before
13 Nearly all developing countries have had devaluating currencies vs the Chinese Yuan, impacting competitiveness Value of developing country currencies vs the Chinese Yuan 2013 September vs September currency change Thai Baht Indian Rupee Mexican Peso Brazilian Real Russian Ruble Indonesian Rupiah Chilean Peso Vietnamese Dong 0% -3% -3% -10% -9% -20% -24% -22% -19% -30% -31% -40% Weak currency is no longer a key gov. policy in China -44% -50% Source: Bloomberg, Rabobank
14 Income growth is the basis for the Chinese demand growth in seafood Urban disposable income in China is still growing around 8% per annum % % 15% 12% 9% 6% 3% 0 0% Urban Disposable Income per capita (RMB) Growth Rate Source: National Bureau of Statistics China, Rabobank
15 The demand growth is accelerated by a high income elasticity of seafood demand in China Share of seafood (right) and meat (left) expenditure increases per income group Meat expenditure share 24% Seafood expenditure share 8% 22% 7% 20% 18% 6% 16% 5% 14% 12% Lowest Low Lower Middle Middle Upper Middle High Highest 4% Meat, Poultry and Processed Products (LHS) Aquatic Products (RHS) Source: National Bureau of Statistics, Nielsen, BCG, Rabobank
16 Growing trend on premium products: online sales are increasing the choice and quality of product offer in China In the online platform products at all price points are sold e 2018f Retail fresh food sales (RMB bln) Online fresh food sales (RMB bln) Source: Euromonitor; Iresearchchina, Rabobank
17 Seafood is the second most sold food category on the online market after imported fruits Online value proposition of seafood in China: Variety Convenience / delivery Information No crowds Food safety Authenticity RMB 153 BLN = USD 23 BLN RMB 237 BLN = USD 35 BLN +82% e 2018f Online fresh food sales (RMB bln) Source: Euromonitor; Iresearchchina, Rabobank
18 Imported seafood sales are rapidly increasing through e-commerce Tmall - largest B2C platform in China JD has the largest e-commerce logistics infrastructure in China By November 8 th, 263 pages with 60 seafood items per page New seafood listings everyday 198 million active users in 2016 Source: JD, Tmall, Gfresh, Rabobank
19 Example of Gfresh: Online seafood sales, surprisingly 1 BLN in the first 3 years of operation Gfresh online seafood sales and expectations Sales in USD million e 2018 f Source: Gfresh, Rabobank
20 Still China can be very challenging especially for trade of frozen and chilled seafood Cold chain infrastructure is growing by 15-30% p.a. in China major changes are occurring, partly driven by online retailers Million m 3 / 000 Vehicles e 2017f 2018f 2019f 2020f Storage capacity in China Number of refrigirated vehicles Source: China Bureau of Statistics, GCCA, Rabobank,
21 Implications: New seafood consumers in China and perhaps new East-West partnerships
22 Having at least one of these features seems to be the recipe for success in the Chinese seafood market (but there are exceptions) Wild Caught Wild seafood is perceived as heathier than farmed In China far less available than elsewhere in the world Wild Caught Marine Marine Marine fish is perceived as healthier than fresh water fish China currently has relatively low availability of marine seafood Crustaceans Cultural preference for shell fish Huge range of products already known to Chinese consumers Crustaceans Premium Premium Especially on-line and in modern retail premium products are ordered and are often imported Most locally produced products are sold on wet markets and are not premium Source: Rabobank
23 Thousands China can become the new demand driver, equal to EU and the US in nominal growth, but from a much lower base Selected global Atlantic Salmon Markets in thousand MT tonnes EU US China e Expected growth EU US China CAGR Nominal expected per annum supply growth c.2,5% c.5% c.25% 25K MT 20K MT 20K MT Source: Kontali, Rabobank
24 In shrimp China is already a major importer, albeit only when the grey channel is considered China shrimp imports (USD) China shrimp exports (HK excluded), USD Millions 900 Millions Estimates are that approximately $1.5 billion of shrimp 2x the value of the legal shrimp imports enter China via the grey channel mostly via Vietnam Argentina Thailand Canada Ecuador India Others USA Japan South Korea EU Others Source: FAO, Rabobank
25 But there is also loss of competitiveness in export makers: e.g. fresh water frozen fillets in the US Tilapia and Pangasius import in the US market (2017 YTD April) Frozen fillet prices of Tilapia and Pangasius in the US market Million lbs % 50% 40% USD/lb. 2,8 2,5 2, % 20% 10% 1,9 1,6 1, % 1, Pangasius Fz Fill Tilapia Fz Fillets Market share of Pangasius Tilapia Pangasius Source: Urner Barry, Rabobank
26 And surpassingly in a few years China has become the No.1 market for Vietnamese pangasius Vietnamese pangasius exports to China in value Millions USD E Source: UN Comtrade, VASEP, Rabobank
27 M&A from West to China is not highly likely Why West to China M&A is not very likely EV/EBITDA multiples in European and Chinese listed seafood companies Barriers: language, culture, business environment High Chinese value expectations Europe average: 10.5x China average: 28.4x 58.0x Synergies are not always obvious JVs` are the current choice for cooperation E.g. Western seafood companies and on-line retailers 21.8x 36.8x 49.7x 39.9x 26.0x E.g. Western and local technology aquaculture companies (e.g. feed) 8.5x 8.5x 12.9x 18.0x 7.3x 8.3x 5.9x 14.8x 13.8x 11.5x 18.4x 13.1x 13.2x 7.1x Source: Bloomberg, Rabobank
28 In general there are big expectations for Chinese out-bound M&A High capital availably 4 of the top ten largest banks are in China China has 3 trillion of foreign reserves Outbound M&A is booming High profile cases E.g. Synegenta Chem China Outbound M&A of Chinese listed companies Amount in USD billions Number of deals Outbound M&A from China has increased by 25% p.a. in the last 5 years Disclosed Value Number of deals Source: Dealogic, 1 December 2016: KPMG analysis: includes all announced M&A transactions by Chinese A-share listed companies 28
29 EBITDA in USD million but in the case of the seafood industry Chinato-West M&A is more for the longer term Why China to West M&A is only for the long term Chinese seafood sector is still mostly artisanal, with few large companies, and volatile profitability But there are also the SOE and large conglomerates: Their priority is Energy, Technology, Industry, Pharmaceuticals Consumption products / brands and F&A are growing in relevance only recently, with seafood a subset of this A learning process is needed, possibly with minority investments in the next few years EBITDA of Top 10 Chinese and European seafood industry companies Average: $341m Average: $84m China Chinese Marine listed Food companies Group Ltd Frosta European listed companies Source: Bloomberg, Rabobank
30 Dr. Beyhan de Jong Associate Analyst Animal Protein Rabobank, Utrecht, The Netherlands This document is meant exclusively for you and does not carry any right of publication or disclosure other than to Coöperatieve Rabobank U.A. ( Rabobank ), registered in Amsterdam. Neither this document nor any of its contents may be distributed, reproduced, or used for any other purpose without the prior written consent of Rabobank. The information in this document reflects prevailing market conditions and our judgement as of this date, all of which may be subject to change. This document is based on public information. The information and opinions contained in this document have been compiled or derived from sources believed to be reliable; however, Rabobank does not guarantee the correctness or completeness of this document, and does not accept any liability in this respect. The information and opinions contained in this document are indicative and for discussion purposes only. No rights may be derived from any potential offers, transactions, commercial ideas, et cetera contained in this document. This document does not constitute an offer, invitation, or recommendation. This document shall not form the basis of, or cannot be relied upon in connection with, any contract or commitment whatsoever. The information in this document is not intended, and may not be understood, as an advice (including, without limitation, an advice within the meaning of article 1:1 and article 4:23 of the Dutch Financial Supervision Act). This document is governed by Dutch law. The competent court in Amsterdam, the Netherlands has exclusive jurisdiction to settle any dispute which may arise out of, or in connection with, this document and/or any discussions or negotiations based on it. This report has been published in line with Rabobank s long-term commitment to international food and agribusiness. It is one of a series of publications undertaken by the global department of RaboResearch Food & Agribusiness All Rights Reserved. 30
The salmon farming industry, a bankers perspective
The salmon farming industry, a bankers perspective RaboResearch Food & Agribusiness April 2018, Santiago De Chile Gorjan Nikolik 1 Rabobank: Globally leading food and agribusiness lender and financial
More informationWorld Potato Map 2019: Fries Are on the Menu Globally
March 2019 World Potato Map 2019: Fries Are on the Menu Globally RaboResearch Food & Agribusiness Stefan van Merrienboer Analyst F&A NL +31 6 1162 7255 Only a small share of potatoes is traded internationally.
More informationGlobal Shrimp Aquaculture Industry Dynamics
Global Shrimp Aquaculture Industry Dynamics Rabobank F&A insights Lian Heinhuis, Food and Agribusiness Research November 2015 1 Table of contents Sections I General outlook: times of supply volatility
More informationWorld Pork Map Trade will continue to grow, become more complicated and experience more competition
July 2018 World Pork Map 2018 World Pork Trade Is Becoming Increasingly Complex and Competitive RaboResearch Food & Agribusiness far.rabobank.com Jan Peter van Ferneij Senior Analyst Animal Protein +31
More informationCoöperatieve Centrale Raiffeisen-Boerenleenbank
International Opportunities By Elizabeth Hund November 7, 25 Coöperatieve Centrale Raiffeisen-Boerenleenbank 2 Presented by... 1 Rabobank 25 Only AAA rated non-government bank 1 + years of agricultural/community
More informationAlternative feed ingredients in a world of volatile fishmeal supply Opportunities and Risks
Alternative feed ingredients in a world of volatile fishmeal supply Opportunities and Risks RaboResearch Food and Agribusiness March 2018 Dr. Beyhan de Jong All seafood supply growth will continue to come
More informationOnline food retail. A game changer for the bakery sector
Online food retail A game changer for the bakery sector Cyrille Filott Global Strategist Consumer Foods Athens, 6 June 2015 Rabobank Global F&A bank 48 countries 18 international desks 1,100 offices 60,000
More informationWild and farmed fish in the USA seafood market
Wild and farmed fish in the USA seafood market John Connelly Your essential event for networking and information US Market Trends and Impact on Fishmeal October 2017 John Connelly Topics Outline National
More informationGlobal poultry and feed outlook
Global poultry and feed outlook Key investment trends shaping the industry in 2019 Nan-Dirk Mulder, 13 February 2019 Content 1.Global poultry and feed outlook 2.Regional perspectives on global poultry
More informationStrategic shifts in the global animal nutrition industry
Strategic shifts in the global animal nutrition industry Our long term view Karen Heuvelmans RaboResearch Food & Agribusiness 27 September 2017 The four drivers of change 2 What are the key sector trends
More informationThe European Feed Mix
June 2017 The European Feed Mix Successful Ingredients for the World s Second-Largest Feed Market RaboResearch Food & Agribusiness far.rabobank.com Karen Heuvelmans Analyst - Farm Inputs +31 (30) 712 2668
More informationNew Global Poultry Trade Reality
October 2018 New Global Poultry Trade Reality Slow Growth and High Risk Require New Market Strategies RaboResearch Food & Agribusiness far.rabobank.com Nan-Dirk Mulder Senior Analyst Animal Protein +31
More informationA global meat industry outlook
A global meat industry outlook Capturing business opportunities in a fast changing world Copenhagen Nan-Dirk Mulder, 18 February 2017 Rabobank international introduction and global network of branches
More informationSITUATION, TRENDS AND PROSPECTS OF THE SUPPLY OF FISHERIES AND AQUACULTURE PRODUCTS TO THE EU MARKET
SITUATION, TRENDS AND PROSPECTS OF THE SUPPLY OF FISHERIES AND AQUACULTURE PRODUCTS TO THE EU MARKET European Commission Seminar Madrid 15 April 2010 Audun Lem, FAO 1 Outline World fish supply and demand
More informationLatest developments in Asia & Oceania. Peter Weeks Chief Economist Meat & Livestock Australia
Latest developments in Asia & Oceania Peter Weeks Chief Economist Meat & Livestock Australia Outline Beef production trends Drivers of beef production Beef trade issues Long term beef projections Beef
More informationThe dynamics of global food and agribusiness
Welcome to the world of Rabobank! The dynamics of global food and agribusiness Adrie Zwanenberg NUFFIELD Global Head F&A Research 20 February 2006 2 The world of Rabobank Food & agribusiness: a global
More informationLong Term Global Meat Market Developments
Long Term Global Meat Market Developments 7th January, 2011 AIDAN COTTER Growing the success of Irish 28 JANUARY food & horticulture 2009 CHIEF EXECUTIVE BORD BIA Outline Recent trends in global meat market
More informationThe Rise of the Female Economy in B2B a source of UK competitiveness
A.T. Kearney in association with the CBI The Rise of the Female Economy in B2B a source of UK competitiveness January 29 th 2014 Agenda Introduction Part 1: The six drivers: Why is the female economy important
More informationFull year results Amsterdam, 5 February 2015
Full year results 2014 Amsterdam, 5 February 2015 Disclaimer The information contained herein shall not constitute or form any part of any offer or invitation to subscribe for, underwrite or otherwise
More informationSalmon supply and market outlook. Alf-Helge Aarskog Bergen
Salmon supply and market outlook Alf-Helge Aarskog Bergen 06.03.2013 Agenda Fundamental global demand drivers History says Main challenges for further growth Supply situation in the near future Summary
More informationStatus of world fisheries in 2014
Status of world fisheries in 2014 31.4% over exploited 10.5% not fully exploited 58.1% fully exploited Source: FAO (2016). The State of World Fisheries and Aquaculture, 2016. FAO, Rome. million tons The
More information10 Steps. to Achieve Virtual Integration. A guide to building a bond of game-changing collaboration
10 Steps to Achieve Virtual Integration A guide to building a bond of game-changing collaboration Capturing the power of integration without a merger Virtual integration Manufacturer Benefits Jointly pursue
More informationGlobal Trends and Swing Factors And their impact on the agricultural complex
Click here to add image Global Trends and Swing Factors And their impact on the agricultural complex Introduction I'm speaking today and tomorrow in Iowa for the IA Farm Bureau and I followed Sterling
More informationIssues in the U.S. Market For Aquaculture Products. John Sackton
Issues in the U.S. Market For Aquaculture Products John Sackton John Sackton Seafood.com, United States John Sackton is president of Seafood.com and publisher of Seafood.com News. He is recognized as one
More informationDelivering a Sustainable Energy Future for the World
5th National Energy Forum - Malaysia 3 September 2013 Delivering a Sustainable Energy Future for the World Ralph D. Samuelson Asia Pacific Energy Research Centre (APERC) APEC Member Economies From APEC
More informationMarine Harvest. IntraFish Seafood Investor Forum 5 September 2017
Marine Harvest IntraFish Seafood Investor Forum 5 September 2017 1 Forward looking statements This presentation may be deemed to include forward-looking statements, such as statements that relate to Marine
More informationSteady Growth Ahead for the U.S. Pork Industry
October 2017 Steady Growth Ahead for the U.S. Pork Industry Outlook Hinges on Increased Exports RaboResearch Food & Agribusiness far.rabobank.com Sterling Liddell Senior Analyst - Global Data Analytics
More informationGlobal poultry and pork outlook
Global poultry and pork outlook Shaping the industry for competitiveness in a fast changing world Nan-Dirk Mulder, 8 November 217 Content I Global meat outlook 225 II III Regional meat outlook strategies
More informationWhat future food security means to the developing and developed worlds. Reshaping the industry in turbulent times
What future food security means to the developing and developed worlds Reshaping the industry in turbulent times Nan-Dirk Mulder, 12 November 2014 Content 1. Long term global animal protein outlook 2.
More informationMarine Harvest Intrafish Seafood Investor Forum, New York. 28 May 2015
Marine Harvest Intrafish Seafood Investor Forum, New York 28 May 2015 Forward looking statements This presentation may be deemed to include forward-looking statements, such as key determinants for future
More informationCashless Cities and Digital Payments Opportunities and Challenges in Supporting the Shift to Digital Commerce
Visa Inc. Cashless Cities and Digital Payments Opportunities and Challenges in Supporting the Shift to Digital Commerce Eduardo Perez Senior Vice President, Regional Risk Officer, Latin America and Caribbean
More informationWorld Bank University of Rhode Island United States
James Anderson World Bank University of Rhode Island United States Dr. James Anderson leads the World Bank s Global Program on Fisheries and Aquaculture. He previously chaired the Department of Environmental
More informationPayNet UK Salary Tracker: What is the real cost of living for UK employees today?
PayNet UK Salary Tracker: What is the real cost of living for UK employees today? Overview Hay Group s quarterly PayNet UK Salary Tracker looks at how employees pay compares with a range of key economic
More informationWarehousing: Charting the Way to a Winning Strategy
Warehousing: Charting the Way to a Winning Strategy Strong headwinds are challenging how companies operate their warehouses. Successful navigation hinges on optimizing capacity, improving utilization,
More informationFood & Agriculture Clash
March 2017 Food & Agriculture Clash What Effect Would a Chinese-US Trade Dispute Have on the F&A Sector? RaboResearch Food & Agribusiness far.rabobank.com Ping Chew Regional Head, Asia +852 2103 2438 Chenjun
More informationDate File No. Our ref. Food Team Case No.
Date 29-03-2012 File No. Our ref. Food Team Case No. 1. Summary... 3 2. Macroeconomic indicators... 3 3. Consumption of major food products... 4 4. Urban and rural consumption patterns... 6 5. Imported
More informationINTERNATIONAL MEAT REVIEW
INTERNATIONAL MEAT REVIEW Livestock, Poultry and Grain Market News June 5, 2014 Volume 18, No. 11 Trade Highlights U.S. Red Meat Exports Including Variety Meats Beef & Veal Exports for April 2014 Beef
More informationA Fresh Look at Global Fruit Trade. Richard Owen, Produce Marketing Association
A Fresh Look at Global Fruit Trade Richard Owen, Produce Marketing Association 9 September 2015 About PMA Established in 1949 2,400 member companies 40 countries around the world PMA s Mission To connect,
More informationChairman Paradigm Glance from Inside. Features of Board of Directors: Russia, Kazakhstan, Ukraine. hs chairman Paradigm v1.
Chairman Paradigm Glance from Inside Features of Board of Directors: Russia, Kazakhstan, Ukraine hs-00020-chairman Paradigm-3110429-v1.indd 1 27/11/2013 18:30 Table of Content Survey Overview, 4 Main Conclusions,
More informationCOMMITTEE ON COMMODITY PROBLEMS
September 2009 E COMMITTEE ON COMMODITY PROBLEMS JOINT MEETING OF THE FOURTH SESSION OF THE SUB-GROUP ON BANANAS AND THE FIFTH SESSION OF THE SUB-GROUP ON TROPICAL FRUITS Rome, 9 11 December 2009 PRODUCT
More informationASIA RISING: OPPORTUNITIES FOR ONTARIO
ASIA RISING: OPPORTUNITIES FOR ONTARIO Yuen Pau Woo, President and CEO Asia Pacific Foundation of Canada Presentation to the Asia Pacific Global Export Forum Toronto, Ontario September 23 rd 2013 Canada
More informationFrom Food Waste to Future Value
March 2018 From Food Waste to Future Value Tackling One of This Century's Biggest Challenges RaboResearch Food & Agribusiness far.rabobank.com Justin van der Sluis Regional Head Europe & Africa +31 6 1033
More informationLatin America Market for Canned Tuna: a New Era of Open Cooperation & Takeovers by Asia-Pacific?
Latin America Market for Canned Tuna: a New Era of Open Cooperation & Takeovers by Asia-Pacific? DARIO CHEMERINSKI SENIOR PROJECT MANAGER Latin America & Asia brands Sao Paulo Office- Brazil dchemerinski@gmail.com
More informationAgricultural Outlook Forum Presented: February 17, 2006 TRENDS IN CHINESE FOOD DEMAND AND TRADE PATTERNS
Agricultural Outlook Forum Presented: February 17, 2006 TRENDS IN CHINESE FOOD DEMAND AND TRADE PATTERNS Fred Gale Senior Economist Economic Research Service, USDA TRENDS IN CHINESE FOOD DEMAND AND TRADE
More informationEmerging Global Trade Patterns: USDA s Long-term Agricultural Projections
Emerging Global Trade Patterns: USDA s Long-term Agricultural Projections Midwest Agriculture s Ties to the Global Economy Federal Reserve Bank of Chicago November 28, 217 Chicago Jim Hansen, Ph.D. USDA,
More information(R)Evolution in the Telco & Media Sector
15. konference Telekomunikacije (R)Evolution in the Telco & Media Sector Future challenges - Extract November 2014 Marko Derča This document is exclusively intended for selected client employees. Distribution,
More informationVIETNAM FISHERY INDUSTRY REPORT Q2/2018
VIETNAM FISHERY INDUSTRY REPORT Q2/2018 1 Contents Executive summary 4 3.2 Situation of aquaculture and exploitation 31 1. Business environment 5 3.2.1 Overview of aquaculture and exploitation 32 1.1 Macroeconomic
More informationMarket Overview Vietnam
MARKET ACCESS SECRETARIAT Global Analysis Report Market Overview Vietnam August 2016 MARKET SNAPSHOT Vietnam had a gross domestic product (GDP) of US$193.4 billion in 2015, which is expected to grow by
More information30 May 2015 CLIMATESCOPE UGANDA. GET FiT Forum James Sprinz
30 May 2015 CLIMATESCOPE UGANDA GET FiT Forum 2016 James Sprinz BLOOMBERG NEW ENERGY FINANCE IS: 200 EXPERTS ACROSS SIX CONTINENTS 90 Europe 40 San Francisco North America New York Washington DC London
More informationEGEDA under APEC-EWG. Overview of APEC energy supply and demand. APEC and the world. Contents
EGEDA under APEC-EWG May 2018 Overview of APEC energy supply and demand APEC and the world Over the period -, total population in APEC grew gradually at a compounded annual growth rate (CAGR) of 0.9%,
More informationArgentina. Poultry and Products Annual. Argentina Poultry & Products Annual
THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report
More informationWORLD TRADE TRENDS FOR FISHERY PRODUCTS AND THE SHARE OF AFRICA by Dr Amadou TALL Director INFOPÊCHE
TOUR C, 19ème Etage, Cité Administrative, P.O. Box 1747, Abidjan 01, COTE D'IVOIRE Tel: (225) 20.22 89 80/20.21 31 98/20.21 57 75, Fax: (225) 20.21 80 54, E-Mail: tall@africaonline.co.ci WORLD TRADE TRENDS
More informationPeople, process and technology
People, process and technology Discovering the intelligent connection EY Discovery Services Why EY? Your discovery approach is pivotal. Do it wrong, and you invite risk. Do it right, and discovery acts
More informationCreating Value in Wild Seafood. Dedicated to Sustainable Seafood Excellence
Creating Value in Wild Seafood 0 Forward Looking Statements This presentation may contain forward-looking statements. Such statements involve known and unknown risks, uncertainties, and other factors outside
More informationSustainable aquaculture: progress overview FY2016
Overview 2016 Shrimpments g/belize Aqua Ltd Sustainable aquaculture: progress overview FY2016 WWF s aquaculture work focuses on creating sufficient demand and market conditions to make sustainable farmed
More informationIntellectual Capital. On Demand.
Intellectual Capital. On Demand. A unique approach to consulting. RGP is made up of proven problem solvers accomplished professionals who give you the help you need, when you need it, how you need it.
More informationWill the BRICs Decade continue? Prospects for trade and growth June 2011 Halle (Saale), Germany
Will the BRICs Decade continue? Prospects for trade and growth 23-24 June 2011 Halle (Saale), Germany Status and development in the dairy sector in the BRIC. Dr. Mikhail Ramanovich*, Dr. Asaah Ndambi**,
More information] Bated on PAO estimates
GENERAL AGREEMENT ON TARIFFS AND TRADE RESTRICTED IMC/W/72/Add. 1 1 December 1989 Special Distribution International Meat Council Twenty-First Meeting 8 December 1989 SITUATION AND OUTLOOK IN THE INTERNATIONAL
More informationLeadership Jumping Ship. Attracting and retaining the best performers at professional services firms
Leadership Jumping Ship Attracting and retaining the best performers at professional services firms 2 Summary In September 2016, Russell Reynolds Associates surveyed 333 senior executives at professional
More informationThe Development of Renewable Energies in Russia New Opportunities for Russian-German Cooperation
Chris Schmidt - istockphoto The Development of Renewable Energies in Russia New Opportunities for Russian-German Cooperation Dr. Jürgen Friedrich CEO Germany Trade & Invest Smart Companies choose Germany.
More informationSURVEY OF CORPORATE GOVERNANCE PRACTICES IN EUROPEAN FAMILY BUSINESSES
SURVEY OF CORPORATE GOVERNANCE PRACTICES IN EUROPEAN FAMILY BUSINESSES 1 In the summer of 2014, Russell Reynolds Associates and IESE conducted a survey of 400 of Europe s largest family-controlled businesses.
More informationHoward M. Johnson. Howard M. Johnson. Shellfish Marketing Agenda The view from 30,000 feet. Market Opportunities For Shellfish Aquaculture
Market Opportunities For Shellfish Aquaculture Shellfish Aquaculture Conference Anchorage, Alaska December 3, 24 Howard M. Johnson H.M. Johnson & Associates Howard M. Johnson Howard@hmj.com www.hmj.com
More informationOperating an International Seafood Business from Atlantic Canada: Challenges & Opportunities
NEIA Operating an International Seafood Business from Atlantic Canada: Challenges & Opportunities Introduction to OCI Our Company Family owned Atlantic Canadian company ~ $250 million sales annually Focus
More informationThe Battle of Big versus Small. Zenith Adspend Forecast 2017
The Battle of Big versus Small Zenith Adspend Forecast 2017 The global ad market will continue to grow steadily +5,9 Year-on-year growth (%) +5,6 +5,6 +5,5 +4,0 +4,1 +4,2 +4,1 2017 2018 2019 2020 Adspend
More informationFinancial Analyst View
Financial Analyst View Colin Guheen, CFA Cowen and Company The Quest for Value $$$ ROE >Ke $$$ The Quest for Value Demand Growth Supplier Seafood ROE Buyer Supply Growth Mass C-Stores Supercenters Club
More informationLesson 1: What Is seafood? (slide 2)
Lesson 1: What Is seafood? (slide 2) 2 Lesson 1 Goals (slide 3) The goals of this lesson are to provide a brief introduction to the U.S. seafood industry and to increase participants knowledge about seafood.
More informationThe Emerging Markets Acceleration Program and Globalization Readiness Index. Capturing Breakthrough Growth in Emerging Markets
The Emerging Markets Acceleration Program and Globalization Readiness Index Capturing Breakthrough Growth in Emerging Markets The Boston Consulting Group (BCG) is a global management consulting firm and
More informationMarch WASDE Prices Lower on Falling US Exports
Agri Commodity Markets Research March WASDE Prices Lower on Falling US Exports The USDA Rabobank s assessment of the USDA s March 213 WASDE: Corn Neutral Soybeans Bearish Wheat Bearish Cotton Neutral/Bullish
More informationAgile Risk Management. Re-engineering Risk Solutions to Enable Business Strategies
Agile Risk Management Re-engineering Risk Solutions to Enable Business Strategies Agile Risk Management Managing risk and compliance has become increasingly complex and expensive for financial services
More informationSOURCE OF INFORMATION
This section contains certain information which is derived from official government publications and industry sources as well as a commissioned report from Frost & Sullivan. We believe that the sources
More informationCargo Sales & Service Presentation. Air Logistics Group
Cargo Sales & Service Presentation Air Logistics Group Air Logistics Group Introduction Introducing Air Logistics Group IATA Approved Over $450m cargo sales 280 employees worldwide Experienced management
More informationDr. Junning Cai (FAO)
SPECIES DIVERSIFICATION IN AQUACULTURE A GLOBAL ASSESSMENT Dr. Junning Cai (FAO) International Institute of Fisheries Economics and Trade (IIFET) Conference 2016 Monday 11 - Friday 15 July 2016 Aberdeen,
More informationTable 1. U.S. Agricultural Exports as a Share of Production, 1992
Export markets are important to U.S. agriculture, absorbing a substantial portion of total production of many important commodities. During the last two decades there have been periods of expansion and
More informationWTO AND FISHERIES: AN UPDATE. Audun Lem, FAO, ABSTRACT
WTO AND FISHERIES: AN UPDATE Audun Lem, FAO, audun.lem@fao.org ABSTRACT The outcome of the current multilateral trade negotiations in the Doha Round will have large implications on international fish trade.
More informationIndustry Update July 11 th, Market Research for the Promotion of Argentine Beef in China
Industry Update July 11 th, 2018 Market Research for the Promotion of Argentine Beef in China China s Beef Industry a snap shot Fragmented, under supplied but improving Overview China s beef industry is
More informationA sustainable future for European Aquaculture. Dawn Purchase Aquaculture Officer
A sustainable future for European Aquaculture Dawn Purchase Aquaculture Officer Presentation preview Growth Drivers Sustainability Drivers Challenges Future Developments Conclusion Source: FAO Sofia 2006
More informationOutlook for Bulk Commodities John Barber Bureau of Resources and Energy Economics. bree.gov.au
Outlook for Bulk Commodities John Barber Bureau of Resources and Energy Economics bree.gov.au Overview Outlook for China Steel and iron ore markets Electricity and thermal coal China s economy is still
More informationProspects and challenges of agricultural trade between China and Latin America: analysis of problems and opportunities from the Chinese perspective
Prospects and challenges of agricultural trade between China and Latin America: analysis of problems and opportunities from the Chinese perspective Li Xiande Institute of Agricultural Economics and Development,
More informationOutlook for World Cotton and Textile Trade Andrei Guitchounts Nairobi, 27 April 2005
INTERNATIONAL COTTON ADVISORY COMMITTEE 1629 K Street NW, Suite 702, Washington, DC 20006 USA Telephone (202) 463-6660 Fax (202) 463-6950 e-mail Andrei@icac.org Outlook for World Cotton and Textile Trade
More informationGlobal Supply and Markets Fisheries & Aquaculture. Fishery Industry Officer FIPM
Global Supply and Markets Fisheries & Aquaculture Audun Lem Chief Felix Dent Fishery Industry Officer FIPM FAO? What is... Food and Agriculture Organization of the United Nations Established to lead international
More informationBakkafrost presentation A world-class company in the salmon industry STRATEGY FOR GROWTH IN THE SALMON MARKET
Bakkafrost presentation A world-class company in the salmon industry STRATEGY FOR GROWTH IN THE SALMON MARKET Seafood Investor Forum, New York May 23rd 2018 Regin Jacobsen, CEO SUMMARY OF Q1 2018 MARKET
More informationINDIAN SOYBEAN - IS THE BULL RUN TO STAY?
INDIAN SOYBEAN - IS THE BULL RUN TO STAY? Report Highlights: Indian exporters are signing fresh Soymeal export contracts at record prices of $330-$340 per tonne, including cost and freight, to destinations
More informationC3X: Looking Back at Five Years in the Chemicals Industry
Fifth Anniversary Edition C3X: Looking Back at Five Years in the Chemicals Industry The Chemical Customer Connectivity Index examines market developments and how chemical manufacturers and their customers
More informationUS Imported Beef Market A Weekly Update
US Imported Beef Market A Weekly Update Prepared Exclusively for Meat & Livestock Australia - Sydney Volume XVIII, Issue 43 November 2, 2018 Prepared by: Steiner Consulting Group SteinerConsulting.com
More informationA Ten Year Strategic Outlook for the Global Flexible Plastic Packaging Market. Sample pages. Commodity Inside Ltd
A Ten Year Strategic Outlook for the Global Flexible Plastic Packaging Market Sample pages Chapter 1- Executive summary 1.1 Changes in the global flexible plastic packaging industry 1.2 Cost effectiveness
More informationImprovement in U.S. household consumption expenditures help improve China s exports
Improvement in U.S. household consumption expenditures help improve China s exports Percent change from preceding year Percent change from preceding year 8 50 6 4 2 0-2 China s exports to U.S. (R) U.S.
More informationShifting Wealth and the Consequences of Rising Food Prices on Social Cohesion: A Diagnosis and Policy Responses
Shifting Wealth and the Consequences of Rising Food Prices on Social Cohesion: A Diagnosis and Policy Responses Andrew Mold, Senior Economist OECD Development Centre International Conference on Social
More informationIndian Soybean meal- Demand /Supply. Pawan Kumar, Consultant, USSEC
Indian Soybean meal- Demand /Supply Pawan Kumar, Consultant, USSEC USSEC INTRODUCTION We Represent U S farmers U S Industry U S Department of Agriculture We work on finding new applications of soy & Implement
More informationEU and U.S. to Vie for Growing Global Dairy Markets
December 2017 EU and U.S. to Vie for Growing Global Dairy Markets Key Points: n The major dairy producing regions of the world have reached consumer saturation in their domestic markets and are targeting
More informationA Tale of Two Continents: Avenues of Synergy Between Asia & LATAM. Dr. Siang Hee, Tan Executive Director CropLife Asia
A Tale of Two Continents: Avenues of Synergy Between Asia & LATAM Dr. Siang Hee, Tan Executive Director CropLife Asia 25 April 2017 Had your morning coffee? And ready for the cocktail this afternoon? From
More informationTOTAL AND URBAN POPULATION BY REGION,
TOTAL AND URBAN POPULATION BY REGION, 1950-2100 10 billion 9 billion 8 billion 7 billion 6 billion 5 billion 4 billion 3 billion 2 billion 1 billion 0 billion 1950 1965 1980 1995 2010 2025 2040 2055 2070
More informationWelcome to the 2012 update
Welcome to the 2012 update 1 About the programme 2 Why trends? Don t explain the past, predict the future Stan Sthanunathan VP Marketing Strategy & Insights, The Coca Cola Company In his AdMap article
More informationFertiliser Price to Drift Lower Mid-Year
March 217 Fertiliser Price to Drift Lower Mid-Year A Silver Lining for Farmers Who Can Delay Purchases RaboResearch Food & Agribusiness far.rabobank.com Lead authors Victor Ikeda Analyst + (11) 3718 Dirk
More informationAn overview of the global LPG market and its impact in Latin America
An overview of the global LPG market and its impact in Latin America Rio de Janeiro, 33 rd AIGLP Conference Vanessa Viola SVP Latin America, Argus March 218 London Houston Moscow Singapore Dubai New York
More informationAgriculture & Agri Food. A Bright Future. Vincent Cloutier, agr. Chief Economist La Coop fédérée
Agriculture & Agri Food A Bright Future Vincent Cloutier, agr. Chief Economist La Coop fédérée Twitter: @vincentcloutie2 Drop in food prices really? FAO Food Price Index Source: FAO Megatrends World population
More informationClimate change and the shifting energy mix
Climate change and the shifting energy mix Constanza Jacazio Senior Gas Analyst International Energy Agency Natural gas in a sustainable energy system Costanza Jacazio, Senior Gas analyst, IEA November
More informationAQUACULTURE SUMMARY. The State of World Fisheries and Aquaculture Report FAO 2016
AQUACULTURE SUMMARY The State of World Fisheries and Aquaculture Report FAO 2016 The following report is a summary of the The State of World Fisheries and Aquaculture 2016 1 : Contributing to food security
More informationCargill Aqua Nutrition Sustainability Report 2017 Preview
Nutrition Sustainability Report 2017 Preview PRESIDENT S LETTER Healthy Seafood for Future Generations MORE sustainable growth We deliver on our commitment to widen our reporting and build transparency
More informationGlobal Trade of Wood Products
Global Trade of Wood Products By Ed Pepke Forest Products Marketing Specialist UNECE/FAO Timber Section Geneva, Switzerland Subjects I. Overview of developments II. Global forest products market trends
More informationConference on Marine Aquaculture: Effects on the West Coast and Alaska Fishing Industry. November 17 19, 2003
Conference on Marine Aquaculture: Effects on the West Coast and Alaska Fishing Industry November 17 19, 2003 Fish are our Future: The Road Ahead for the Seafood Industry Aquaculture is Impressive!Annual
More information